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質問 1：
According to the FASB conceptual framework, which of the following attributes would not be used to measure inventory?
A. Historical cost.
B. Replacement cost.
C. Present value of future cash flows.
D. Net realizable value.
正解：C
質問 2：
What are the Statements of Financial Accounting Concepts intended to establish?
A. The objectives and concepts for use in developing standards of financial accounting and reporting.
B. The meaning of "Present fairly in accordance with generally accepted accounting principles."
C. The hierarchy of sources of generally accepted accounting principles.
D. Generally accepted accounting principles in financial reporting by business enterprises.
正解：A
質問 3：
On January 1, 1991, Brecon Co. installed cabinets to display its merchandise in customers' stores. Brecon expects to use these cabinets for five years. Brecon's 1991 multi-step income statement should include:
A. One-fifth of the cabinet costs in selling, general, and administrative expenses.
B. All of the cabinet costs in cost of goods sold.
C. One-fifth of the cabinet costs in cost of goods sold.
D. All of the cabinet costs in selling, general, and administrative expenses.
正解：A
質問 4：
Advertising costs may be accrued or deferred to provide an appropriate expense in each period for:
A. Option C
B. Option A
C. Option D
D. Option B
正解：D
質問 5：
If a company is not presenting comparative financial statements, the correction of an error in the financial statements of a prior period should be reported, net of applicable income taxes, in the current:
A. Income statement after income from continuing operations and before extraordinary items.
B. Retained earnings statement as an adjustment of the opening balance.
C. Income statement after income from continuing operations and after extraordinary items.
D. Retained earnings statement after net income but before dividends.
正解：B
質問 6：
Financial reporting by a development stage enterprise differs from financial reporting for an established operating enterprise in regard to footnote disclosures:
A. Only.
B. And revenue recognition principles only.
C. And expense recognition principles only.
D. And revenue and expense recognition principles.
正解：A
質問 7：
On January 2, 1991, Air, Inc. agreed to pay its former president $300,000 under a deferred compensation arrangement. Air should have recorded this expense in 1990 but did not do so. Air's reported income tax expense would have been $70,000 lower in 1990 had it properly accrued this deferred compensation in its December 31,1991, financial statements, Air should adjust the beginning balance of its retained earnings by a:
A. $300,000 credit.
B. $370,000 debit.
C. $230,000 credit.
D. $230,000 debit.
正解：D
質問 8：
Which of the following must be included in a company's summary of significant accounting policies in the notes to the financial statements?
A. Schedule of fixed assets.
B. Description of current year equity transactions.
C. Revenue recognition policies.
D. Summary of long-term debt outstanding.
正解：C
According to the FASB conceptual framework, which of the following attributes would not be used to measure inventory?
A. Historical cost.
B. Replacement cost.
C. Present value of future cash flows.
D. Net realizable value.
正解：C
質問 2：
What are the Statements of Financial Accounting Concepts intended to establish?
A. The objectives and concepts for use in developing standards of financial accounting and reporting.
B. The meaning of "Present fairly in accordance with generally accepted accounting principles."
C. The hierarchy of sources of generally accepted accounting principles.
D. Generally accepted accounting principles in financial reporting by business enterprises.
正解：A
質問 3：
On January 1, 1991, Brecon Co. installed cabinets to display its merchandise in customers' stores. Brecon expects to use these cabinets for five years. Brecon's 1991 multi-step income statement should include:
A. One-fifth of the cabinet costs in selling, general, and administrative expenses.
B. All of the cabinet costs in cost of goods sold.
C. One-fifth of the cabinet costs in cost of goods sold.
D. All of the cabinet costs in selling, general, and administrative expenses.
正解：A
質問 4：
Advertising costs may be accrued or deferred to provide an appropriate expense in each period for:
A. Option C
B. Option A
C. Option D
D. Option B
正解：D
質問 5：
If a company is not presenting comparative financial statements, the correction of an error in the financial statements of a prior period should be reported, net of applicable income taxes, in the current:
A. Income statement after income from continuing operations and before extraordinary items.
B. Retained earnings statement as an adjustment of the opening balance.
C. Income statement after income from continuing operations and after extraordinary items.
D. Retained earnings statement after net income but before dividends.
正解：B
質問 6：
Financial reporting by a development stage enterprise differs from financial reporting for an established operating enterprise in regard to footnote disclosures:
A. Only.
B. And revenue recognition principles only.
C. And expense recognition principles only.
D. And revenue and expense recognition principles.
正解：A
質問 7：
On January 2, 1991, Air, Inc. agreed to pay its former president $300,000 under a deferred compensation arrangement. Air should have recorded this expense in 1990 but did not do so. Air's reported income tax expense would have been $70,000 lower in 1990 had it properly accrued this deferred compensation in its December 31,1991, financial statements, Air should adjust the beginning balance of its retained earnings by a:
A. $300,000 credit.
B. $370,000 debit.
C. $230,000 credit.
D. $230,000 debit.
正解：D
質問 8：
Which of the following must be included in a company's summary of significant accounting policies in the notes to the financial statements?
A. Schedule of fixed assets.
B. Description of current year equity transactions.
C. Revenue recognition policies.
D. Summary of long-term debt outstanding.
正解：C
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